Callouts & quotes from 26,677+ activist slides

"If New Darden's multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."

"But we see from his LinkedIn profile that he was actually an employee of Silvercorp for 3.5 years, representing an obvious conflict."

"The recently released maiden resource estimate contains a total of only 191 million ounces of silver, or about 85% less than needed."

"When queried about INGN management’s statement, a WHO representative stated that management’s statement was “most likely a mistake”."

"Thought of As A Defensive And Stable Company, We Believe Broadridge Is Exhibiting Multiple Classic Signs of Growing Financial Stress"

"We Believe The $2.5 Billion Levered Acquisition of Itiviti Is A Diversion From Core Issues, And Will Fail To Meet Lofty Expectations"

"In addition to changes in language in the Regulation section, there were also changes to its Risk Factor statement about regulation."

"Remarketing or marketing period? Has the financing for the deal originally announced on Feb 6 fallen through or become less certain?"

"We note that Vitek’s transactions made headlines for setting new “top of the market” pricing, not for being picked up at a discount."

"Stretching out the depreciation period for PP&E is a classic accounting tactic to lower depreciation expense, and increase earnings."

"The Company has an opportunity – and an obligation – to improve financial performance and regain its position as an industry leader."

"Shujia's SAIC filing shows multiple indicia that TAL had effective control of the entity when Changing Edu purportedly owned GZ 1-1."

"It is time for the Company to display the sense of urgency it has unfortunately lacked since making commitments almost one year ago."

"Not only is Rollins up against sole-focused pest control companies, but also other home service companies offering bundled services."

"When MW asked a former FTAI executive about this disclosure change, the Former said: “That makes no sense. There is no competition.”"

"Rarely has Spruce Point seen a public company with a multibillion-dollar value have so many hires and dealings with related-parties."

"DLO's operational structure also contains unnecessary complexity which we believe is a deliberate attempt to avoid oversight by FCA."

"To the extent that some additional paper revenue might have been needed, these scattered agents would be well positioned to deliver."

"On February 28, 2020 the company invested $100.0 in Atlas 5.50% unsecured debentures due March 1, 2027 (the "Tranche 3 debentures")."

"All of this makes it important to be able to say whether or not a development of a generating station is, or is not, an NSI Project."

"We believe it is impossible for shareholders to trust that key decisions are being evaluated with full independence and objectivity."

"meaning the long-term recurring cash benefit of $5bn in PCF contracts is less than 1% of Lumen's current annual EBITDA or $0.42/shr."

"We have seen this before – empty promises concealing harsh truths. The good news? Refreshed oversight makes transformation possible."

"While the shift to apparel was initially successful, it created complexity that eventually overwhelmed JCP’s outdated infrastructure"

"And, aluminum has also gone up 22% this year, so substitution might be more of a down-the-road thing, rather than a right-now thing."

"Three quarters in a row of negative YoY trends in unique shoppers, average number of transactions per shopper and total transactions"

"Looking carefully, we find that management inflated its comps in Q2 by acting as if $12.5m of lost July 4th sales occurred in Q2'18."

"We believe Bunge has engaged in significant asset and investment shuffling which has resulted in a cumulative $1.2b capital deficit."

"If management can't calculate their own multiple correctly, why would they be right about the appropriate valuation for Phillips 66?"

"The price cuts suggest that MPLN is not at all a preferred partner, but one of several near-identical vendors that is a price taker."

"Having incinerated ~$360MM of cash since 2012, the debt requires new debt or equity to be repaid - in our opinion, a textbook Ponzi."

"オアシスの試算によるとフリープラスの2023年売上高は1.5億米ドル未満でしたが、ライバル製品のグローバル小売額はケンビューのニュートロジーナが29億米ドル、ロレアルのガルニエが64億米ドルにのぼると見積られ、フリープラスの潜在的な成長機会の大きさがうかがえます。"

"ブランド毎のSNS上のプレゼンスには大きなぶれがあり、YouTubeではきわめて控え目なブランディングしかなされておらず、TikTokにおけるプレゼンスはなく、Instagramではブランド本体とはほとんど関係ないところで、人気ハッシュタグとして使用されています。"

"Maybe Ströer's digital foray makes as much sense as wanting to be sucked into your computer in order to get physical media implants."

"We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business."

"Despite ONP’s response, our thesis that ONP is a fraud remains unchanged, and we reiterate our “Strong Sell” rating on ONP’s shares."

"Wendy’s company-operated restaurants (“OpCo”), once adjusted for market rent and franchise fees, are generating virtually no profits"

"Is Bob Xia the conduit that gives Datasection the confidence to tell potential customers it can secure GPUs earlier than its rivals?"

"Together the combined company hopes to develop insecticides that work with the specific seeds to make better complimentary products."

"Despite multiple years of deteriorating operating results and share price underperformance, CEO compensation has increased each year"

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"Disney’s brand reputation has fallen from the No. 5 / 100 spot in 2018 and 2019 (a feat it used to boast about)... to No. 77 in 2023"

"Red Cat management's track record for accurately guiding investors as to future operational developments leaves a lot to be desired."

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"We believe if federal regulators get involved, they would most likely push for a prohibition on compensation cooperation altogether."

"We believe that index inclusion will lead to a higher valuation for our portfolio companies due to greater demand from passive funds"

"NKE's share price including dividend reinvestment decreased 17% since inception in 2024 and has decreased 6% year-to-date in 2025(1)"

"To ensure equitable and effective executive compensation, we believe a board's Compensation Committee must prioritize the following:"

"Despite the inhospitable terrain, Nova has surprisingly only referenced challenges three times in eight years of recent exploration."

"“Three different transplant centers” lost livers recently from off-label usage; 10% of livers in region damaged/lost to the practice"

"it's just a fucking lie...it's a lie that we're the only center that's having these problem but that was the communication to us...."

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"it’s just a fucking lie...it’s a lie that we’re the only center that’s having these problem but that was the communication to us...."

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Mr. Orr's experience and credentials as a "PSR COO" are unproven and his track record at previous employers is questionable at best."

"H100 rental prices have collapsed 88% from their peak and AWS recently slashed rates by 44% only 2 years after introducing the chip."

"Even after the concerns expressed by Glass Lewis, AOL is still measuring compensation against some of the world's largest companies."

"The changes AOL made to its peer group in 2011 have done nothing, in our view, to address the concerns of either ISS or Glass Lewis."

"Given AOL's prior statements, we question whether the Company would have taken any of these actions without Starboard's involvement."

"Big Lots alienated shoppers who were seeking cut-price, name-brand goods after venturing into other areas, like selling frozen food."